Home WTI Price Analysis: $19.00 becomes the tough nut to crack for sellers
FXStreet News

WTI Price Analysis: $19.00 becomes the tough nut to crack for sellers

  • WTI bounces off monthly low, remains below 10-day SMA.
  • Nearly oversold RSI conditions, amid repeated failures to slip below the round-figures, keep buyers hopeful.

While extending its bounce from the current month’s low, flashed the previous day, WTI takes rounds to $20.15 amid the early Asian session on Thursday.

With this, the black gold paves way for another failure to slip below $19.00 as it earlier recovered from $19.02 during the late-March.

Also increasing the odds of the energy benchmark’s pullback could be nearly oversold conditions of the RSI.

As a result, buyers are waiting for entry beyond a 10-day SMA level of $23.55 while having the monthly top surrounding $28.90 as a target.

On the contrary, a clear downside below $19.00 will set the tone for the oil price south-run towards $16.40 comprising late-2001 levels.

WTI daily chart

Trend: Pullback expected

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.